SOMA.V · 2021-06-10 12:00:00

Soma Gold Provides a Corporate Update

Corporate Updates

VANCOUVER, BC

June 10, 2021

/CNW/ -

Soma Gold Corp.

(TSXV: SOMA) (WKN: A2P4DU)

(OTC: SMAGF) (the "

Company

" or "

Soma

") is pleased to provide a corporate update on the

various activities and accomplishments of the Company.

Highlights

Q1 2021 Revenue of

$9.75 million

, generating EBITDA of

$3.16 million

and adjusted EBITDA of

$3.22 million

for the Quarter

(1)

Drilling results at the Cordero deposit have expanded known

gold mineralization 120 meters

down-dip

from the current resource, where vein continuity and high grade remains open at

depth. (See previous press releases)

Drilling results from the Estrella – Diamantina trend

corroborate the vein extension model

over 2 km south

of the El Limon mine

Construction progresses on both the Atena and Fenix portals to access the Cordero deposit

with feed expected to be shipped to the mill in

September 2021

Exploration and mapping at the Limoncito and El Muro mines in the southern part of the

Company's 29,000 Ha property indicate a continuity of the high grade vein systems (and have

become a primary exploration target for the 2022 Exploration program).

Application for the permits to build the mine infrastructure at the Company's wholly owned Nechi

project are to be filed in July with expected production in Q2 2022.

Adjusted EBITDA for Q1 2020 (CNW Group/Soma Gold Corp.)

Cordero Drilling

Soma's current

8,200 m

drilling program on the Cordero deposit is focused on in-fill drilling to be

used in expanding and upgrading the existing mineral resource in anticipation of a new NI 43-101

Resource Estimate planned for the end of 2021. The drilling program has confirmed the vein

continues for at least 1.2 km on strike and at least

350 m

at depth. The deposit is open on strike

and at depth, and further drilling in the 2021 program will test these extensions. The resource will be

accessed through two new portals currently under construction - the Fenix and Atena portals. Both

portals are expected to be completed during Q3 2021, and production from Cordero is expected to

reach 400 TPD by the end of the year.

Map #1 plan view of project location. (CNW Group/Soma Gold Corp.)

Regional Exploration

The El Limon mine, which has historically produced over 250,000 ounces over the life of the mine,

sits along the Estrella-Diamantina mineralized trend, which is contained within the Company's 100%-

owned Zara concessions. The land package extends 12 km to the south and is on trend with Gran

Colombia's Segovia mine which has produced over 1.3 million oz. Au and has MI&I Resources of 2.6

million oz Au. Along the trend there are a series of small mines which indicate the vein system is

present but where no modern exploration has been conducted.

Soma Gold has planned a multi-year program that includes geophysics and over

100,000 m

of DDH

drilling. The preliminary work to date has resulted in encouraging indications:

High gold grades related to bends, step-over and interception of NS, NNW and EW lineament

patterns.

Exploration and drilling planned for Limoncito and Cañon de Rojas project with an exploration

target of

+420k

ounces of gold down dip to

250m

in depth based on surface mapping and

sampling.

Multiple

+7.0g/t Au

channel samples from vein exposures.

Soma has acquired high resolution DEM (Digital Elevation Model) data covering 29,000 Ha of the

Zara mining concessions (see map #2). The DEM analysis indicates strong structural controls over

the veins. The Company also began mapping and sampling of mineralized veins previously identified

and mined by small miners in the central and south sector of Zara's concessions.

Map #2. Plan view of Soma’s concessions with the principal mining operations and exploration

projects. (CNW Group/Soma Gold Corp.)

DEM Lineaments and High Grades

The prolific Otu fault, which dominates the Otu Valley, hosts several lode-gold type deposits. There

is significant potential for additional high-gold-grade discoveries in this underexplored yet highly

mineralized region of

Colombia

, in which Soma has consolidated more than 29,000 Ha of mining

concessions (see map #2).

Soma's geologists have performed a lineament analysis using high-resolution DEM. The lineament

determination was completed by visual inspection and extraction and image processing, using

directional light filters, was used as edge enhancements.

DEM analysis shows that the Otu fault is the dominant structure in the area. It is common to see

sinistral strike-slip faults in the vein exposures mined by small miners. The DEM lineament analysis

shows three different line patterns; NS, NNW and EW were identified. Soma's interpretation is that

these different patterns are associated with the evolution of the Otu fault. High gold grades appear

to be related to the bends or step-overs along the Otu fault and the interception of NS, NNW and

EW patterns (see map #3). This structural pattern was associated with high gold grades at the

Company's El Limon mine.

Map #3. General view of Colombia’s Bajo Cauca region (in grey) and the prolific Otu fault valley. It is

estimated that this region accounted for more than 50% of national gold production in 2019. Note:

Resources and Production other than for Soma projects are historical (CNW Group/Soma Gold

Corp.)

The NI-43-101 Technical Report on The El Bagre Underground Gold Operation and The Nechí Gold

Project, Antioquia,

Colombia

", effective date

July 12, 2019

and prepared by RPA's independent

"Qualified Persons", can be found on Sedar.com

Map #4. Plan view of DEM lineaments patterns and high gold grades on Zara concessions. (CNW

Group/Soma Gold Corp.)

Soma's exploration team has conducted a prospecting program, stepping out from the known

historic vein showings towards the central and south parts of the property. A series of vein

exposures forming clusters of closely spaced veins following an NNS and WNW trend have been

mapped and sampled during these first reconnaissance traverses on the property. The prospecting

work focused on vein exposures of the Upper Limoncito and Canon de Rojas small mines.

Upper Limoncito Mine

The vein, which is striking NNS and dipping 50°NW, is exposed across

120 m

of mine development.

This vein is located at the Limoncito target in the central sector of the Zara concessions (see map

#4). This quartz vein is dominated by coarse-grained pyrite, fine-grained sphalerite and disseminated

arsenopyrite. Nineteen channel samples were taken from vein exposures across level 1 of the mine.

The channel sample results corroborate the presence of high gold grades (see table #1). Exploration

work has identified two new zones for follow-up exploration and drilling with the potential for high

gold grades extending over 4 km. This under-explored but very prospective mineralized trend is a

high-priority exploration target for the Company.

Table #1.

Channel sample assays. *Lengths reported are sampled interval lengths and not

necessarily true widths. Samples were taken in a manner to reflect, as closely as possible, true

width.

Location

Channel

From

Length

From

Length

(m)

(ft)

(g/t)

Upper

Limoncito

mine

Y51350

0.40

1.00

0.60

1.31

3.28

1.97

0.0

Y51353

0.15

0.75

0.60

0.49

2.46

1.97

0.3

Y51355

0.00

0.90

0.00

2.95

0.6

Y51358

0.30

0.80

0.50

0.98

2.62

1.64

0.2

Y51359

0.00

0.80

0.00

2.62

0.7

Y51363

0.70

0.90

0.20

2.30

2.95

0.66

0.6

Y51368

0.50

0.70

0.20

1.64

2.30

0.66

0.1

Y51370

0.50

0.90

0.40

1.64

2.95

1.31

1.0

Y51372

0.40

0.75

0.35

1.31

2.46

1.15

3.1

Y51374

0.40

0.80

0.40

1.31

2.62

1.31

22.6

Y51376

0.40

1.20

0.80

1.31

3.94

2.62

0.2

Y51378

0.30

1.20

0.90

0.98

3.94

2.95

9.3

Y51382

0.30

1.10

0.80

0.98

3.61

2.62

16.5

Y51384

0.40

0.90

0.50

1.31

2.95

1.64

0.0

Y51393

0.30

0.90

0.60

0.98

2.95

1.97

8.0

Y51394

0.00

0.40

0.00

1.31

1.1

Y51397

0.00

0.70

0.00

2.30

0.2

Y51399

0.00

0.60

0.00

1.97

5.6

Y51400

0.00

0.80

0.00

2.62

0.8

Map #5. Plan view of Limoncito and Cogote-San Jose targets in the central part of Zara

concessions. (CNW Group/Soma Gold Corp.)

El Muro Mine

The El Muro vein, which strikes WNW and dips 50°NE, is exposed across

22m

of existing small mine

development. This vein is located at the west corner of the Cañon de Rojas target in the southern

sector of the Zara concessions (see map #6). This quartz vein is dominated by coarse-grained pyrite

with scarce disseminated sphalerite and arsenopyrite. Fourteen channel sample were taken from

vein exposures across level 1 of the mine (see table #2). Cañon de Rojas is a highly prospective

area with several vein exposures previously mined by small miners. This under-explored area covers

approximately 2.5km

with three different vein trends: NNS, NNE and WNW. Follow-up exploration

and drilling are planned for Q3-Q4 of 2021.

Table #2.

Channel sample assays. *Lengths reported are sampled interval lengths and not

necessarily true widths. Samples were taken in a manner to reflect, as closely as possible, true

width.

Location

Channel

From

Length

From

Length

(m)

(ft)

(g/t)

El Muro

mine

Y51528

0.00

0.80

0.00

2.62

5.1

Y51531

0.20

0.80

0.60

0.66

2.62

1.97

8.5

Y51533

0.00

0.50

0.00

1.64

5.8

Y51537

0.30

0.80

0.50

0.98

2.62

1.64

0.1

Y51538

0.00

0.60

0.00

1.97

16.7

Y51539

0.00

0.90

0.00

2.95

4.3

Y51540

0.00

0.70

0.00

2.30

6.6

Y51542

0.40

1.20

0.80

1.31

3.94

2.62

0.1

Y51543

0.00

0.40

0.00

1.31

1.6

Y51546

0.00

0.40

0.00

1.31

1.3

Y51548

0.00

0.50

0.00

1.64

0.1

Y51549

0.00

0.60

0.00

1.97

0.8

Y51552

0.50

1.00

0.50

1.64

3.28

1.64

1.5

Y51554

0.40

0.80

0.40

1.31

2.62

1.31

0.9

Map #6. Plan view of Cañon de Rojas target in the south sector of the Zara concessions. (CNW

Group/Soma Gold Corp.)

Javier Cordova

, Soma's CEO, states, "Our ongoing multi-year drilling and exploration program

continues to demonstrate both the on-strike and down-dip extensions of the deposit at Cordero as

well as the highly prospective potential of the larger mineralized trend to the south - extending for

over 12 km. The Cordero deposit will commence production in the coming months as the

construction phase of the two new access portals is completed. The average grade in the Cordero

deposit appears to be 30 – 40% higher than what we have been mining at the Mangos and La Ye

deposits, indicating that gold production will rise as the mill feed transitions to ore from Cordero later

this year. The anticipated addition of approximately 400 TPD of mineralized feed from Cordero will

supplement the approximately 350 TPM currently being mined at the Mangos and La Ye Mines.

Mining at Le Ye is expected to terminate by the end of 2021. It is expected that the anticipated

combined feed from the Mangos and Cordero mines will justify the re-start of the El Limon mill,

which could occur in early 2022. The additional 200-225 TPD of milling capacity from El Limon mill

will bring a total milling capacity to 650-700 TPD versus the current capacity of 450 TPD. The

combination of a higher anticipated grade and an increase in the use of the installed capacity could

dramatically increase gold production with a relatively small increase in costs. The El Limon mine is

fully functional and has been on "care and maintenance" while underground development has

progressed to feed the mills."

Mr. Cordova further states, "The preliminary exploration being conducted in the southern part of the

Company's Zara concessions, which have never been properly surveyed, mapped or explored, has

provided very encouraging results. It appears that the mineralized trend that Soma is mining at La

Ye, Mangos, Limon and soon at Cordero continues south along the Otu Valley. These preliminary

results support the Company's theory that our properties contain a district-scale gold system with

multimillion ounce potential. The work will continue in earnest in the coming years."

QA/QC CONTROLS

For exploration core drilling, the company applied its standard protocols for sampling and assay. NQ

core is sawn or split with one-half shipped to a sample preparation laboratory in

Medellin

run by ALS

Colombia Limited ("ALS"). Samples are then sent for analysis to an ALS-certified assay laboratory in

Toronto, Canada

and

Lima

, Perú. The samples were analyzed for gold using standard fire-assay on

a 50-gram sample with an AA finish. Multi-element geochemistry was determined by ICP-MS using

either aqua regia (ME-MS41) or four acid (ME-MS61) digestions. Blanks, duplicates and certified

reference standards are inserted into the sample stream to monitor laboratory performance.

Comparison to control samples and their standard deviations indicates acceptable accuracy of the

assays and no detectible contamination. The remainder of the core is stored in a secured storage

facility for future assay verification.

Mr.

Edwin Naranjo Sierra

, FAusIMM, MSc, Senior geologist, Director of Exploration for Soma Gold

Corp., is the Qualified Person, within the meaning of NI 43-101. Mr. Naranjo is satisfied that the

analytical procedures and best practices used are standard industry methodologies, and he has

reviewed and approved the technical information disclosed in this news release.

ABOUT SOMA GOLD

Soma Gold Corp. (TSXV: SOMA) is a mining company focused on gold production and exploration.

The Company owns two adjacent mining properties in Antioquia,

Colombia

with a combined milling

capacity of 675 tpd. (permitted for 1,400 tpd). The El Bagre Mill is currently operating and

producing. Internally generated funds are being used to finance a regional exploration program.

The Company also owns an exploration and development property near Tucuma, Para State,

Brazil

(1)

This news release refers to certain financial measures, such as EBITDA and Adjusted EBITDA, which are not measures recognized under IFRS and do not have a

standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not be directly comparable to such

measures as reported by other companies. These measures have been derived from the Company's financial statements because the Company believes that they are of

benefit in understanding the Company's results. For a complete explanation of these measures, please refer to Non-IFRS Financial Performance Measures disclosure

included in the Company's MD&A for the Quarter Ended March 31, 2021 and 2020, which can be accessed at

www.sedar.com

On behalf of the Board of Directors

"Javier Cordova Unda"

Chief Executive Officer and President

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in

the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of

this release.

All statements, analysis and other information contained in this press release about anticipated

future events or results constitute forward-looking statements. Forward-looking statements are

often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan",

"estimate", "expect" and "intend" and statements that an event or result "may", "will", "should",

"could" or "might" occur or be achieved and other similar expressions. Forward-looking statements

are subject to business and economic risks and uncertainties and other factors that could cause

actual results of operations to differ materially from those contained in the forward-looking

statements. Forward-looking statements are based on estimates and opinions of management at the

date the statements are made. The Company does not undertake any obligation to update forward-

looking statements even if circumstances or management's estimates or opinions should change

except as required by applicable laws. Investors should not place undue reliance on forward-looking

statements.

SOURCE

Soma Gold Corp.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/June2021/10/c9206.html

%SEDAR: 00030511E

For further information:

please contact Andrea Laird, telephone: +1-604-259-0302

CO: Soma Gold Corp.

CNW 07:15e 10-JUN-21

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